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Innate Pharma SA

Company NameInnate Pharma SA
Stock SymbolIPHA
Class PeriodMarch 10, 2020 to September 18, 2020
Lead Plaintiff Motion DeadlineDecember 22, 2020

On October 23, 2018, Innate and AstraZeneca plc ("AstraZeneca") announced an expansion of a pre-existing collaboration agreement, whereby AstraZeneca acquired 9.8% equity stake in Innate and obtained full oncology rights to monalizumab, a first-in-class humanized anti-NKG2A antibody.  As part of this agreement, Innate would receive $100 million in milestone payments at the start of the first Phase 3 clinical trial for monalizumab. 

 

On September 8, 2020, Innate announced that it had amended its collaboration agreement with AstraZeneca. Innate "will now receive a $50 million payment upon AstraZeneca's dosing of the first patient in the Phase 3 trial, and a $50 million payment after the interim analysis demonstrates the combination meets a pre-defined threshold of clinical activity." 

 

On this news, the Company’s American Depositary Share ("ADS") price fell $1.62 per share, or 26.6%, to close at $4.45 per ADS on September 8, 2020.

The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Innate touted the results of their various Phase 2 trials as being within expectations; (2) Innate continued to reassure investors that they were eligible for the $100 million payment upon first dosing of Phase 3 trials; (3) Innate failed to timely disclose their renegotiations with AstraZeneca to split the $100 million payment into two $50 million payments, to be partially contingent on performance during the Phase 3 trials; and (4) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

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